What is a property chain and how can you manage it?
Find out what a property chain is and what happens if it breaks.
What can you do when a property chain breaks?
Sadly, most property chain breaks will be out of your control, such as when another buyer pulls out of the sale. However, there are ways you can protect your home and money.
If you have Home Buyers’ Protection insurance, you can claim back some of the money you’ve lost in fees if your house sale falls through.
Some estate agents may also offer a guaranteed sale. This means they’ll buy the property from you if they fail to sell it in a set timeframe.
What does no onward chain mean?
No onward chain means the seller is not buying another property or their sale has already gone through.
This can be a good alternative to no-chain properties, as you won’t have anyone above you in the chain who could affect your purchase.
How long can a house chain take?
A house chain can take a few months to reach completion, depending on how many parties are involved. Generally, the longer the chain, the longer it will be until you get the keys to your new home.